Class Action Lawsuit Filed Against Crowdfunding Campaign

CrowdfundBeat News Wire

SAN FRANCISCO, CA – Kronenberger Rosenfeld, LLP, a San Francisco-based law firm, filed a class action lawsuit alleging that Coin, Inc. (“Coin”) received millions of dollars from consumers through a crowdfunding campaign for a product the company knew could never work as advertised. The lawsuit demands a trial by jury and seeks monetary damages against Coin for false advertising, misrepresentation and breach of contract.

The device at issue, called a “Coin,” is a thin, plastic, credit-card-shaped digital storage system with a magnetic stripe similar to that on a credit or debit card. It was advertised as a card consolidation device that would hold all of a consumer’s credit and debit card information in one card, so that a consumer would only need to carry “one card.”


The Coin device was marketed and sold to the public in what has been described as one of the most immediately successful crowdfunding campaigns ever. The campaign consisted of a single video entitled, “One Coin for All of Your Cards,” which promoted the Coin device as a solution for consumers who disliked carrying multiple cards in their wallets. The lawsuit alleges that the central message in Coin’s video was that the Coin device allowed consumers to carry just one card, and leave all their other cards at home. In addition to the video, this one card message was echoed in multiple press releases, other marketing efforts, and statements by the Coin CEO to the media.

The complaint alleges that after receiving their Coin devices, consumers discovered that the devices failed to work at terminals anywhere from 15 to more than 40 percent of the time, resulting in consumers having to carry their actual credit cards despite owning a Coin device.

The complaint also alleges that the Coin device’s security feature, which ostensibly alerted a consumer when their Coin device was out of range of their smart phone, failed to work properly as consumers were not alerted.

“Our complaint alleges that Coin knowingly marketed a product that it knew could not work the way they said it would,” said lead attorney Karl Kronenberger. “The complaint further alleges that Coin knew the statements in its crowdfunding video were false, but proceeded to line their pockets anyway, leaving consumers stuck with a device that does not work the way Coin promised.”


This RSS feed URL is deprecated, please update. New URLs can be found in the footers at [...]

Oregon BusinessFor-profit giving normalized as crowdfunding maturesOregon BusinessNot so long ago, people might have thought twice about donating money to a for-profit company. But In the few years since crowdfunding debuted, thousands of companies have used online fundraising platfor [...]

New York PostToy tycoon leads crowdfunding effort to save Toys R Us brandNew York PostA budding campaign to buy Toys 'R' Us has hit a few bumps in the road, but its billionaire backer said he's just getting started. More On: toys “r” us · The best way to shop Toys [...]

ARL nowCrowdfunding Campaign Launched for Ballston Homicide VictimARL nowGiandoni, who would have turned 41 on Wednesday, was found dead in his home in Ballston last weekend. Police later determined his death to have been a homicide, though few details have been revealed about the cir [...]

4NEW To Implement Ocular KYC solution before completing ...BitcoinistLondon, England. 4NEW announced today that it will pause the current fundraising efforts on March 27, three days earlier than planned in order to allow the team to complete implementation of their KYC/Anti- Money Lau [...]

Jacaranda FMCape Town couple turns to crowdfunding for their dream weddingJacaranda FMMartea Roos and Marcel Steenkamp would love to be able to afford the wedding of their dreams. Would you donate towards their goal? Read on to see how you can help them, or find another worthy crowdfu [...]

Allentown Morning CallBillionaire toy executive hopes to raise $800 million via crowdfunding to save Toys R UsAllentown Morning CallIsaac Larian, the billionaire toy executive behind Bratz, Little Tikes and L.O.L. Surprise! dolls, wants to save Toys R Us. (Christopher Lee / Bloomberg) [...]

Honolulu Star-AdvertiserIndie film 'Waikiki' seeks crowdfunding boostHonolulu Star-AdvertiserDanielle Zalopany, right, stars as Kea in the independent feature “Waikiki,” set for release later this year. Zalopany is a Po'okela Award-winning actress and has appeared on CB [...]

KGO-TVGroup launches crowdfunding campaign for homeless on San ...KGO-TVTake it to the Streets has launched a $50000 crowdfunding campaign to provide housing and services for homeless young adults.and more » [...]

Multiple Sclerosis News TodayAmerican Brain Foundation Starts Crowdfunding Campaign to Help Fight MSMultiple Sclerosis News TodayThe American Brain Foundation has started a crowdfunding campaign to support research that could lead to treatments for multiple sclerosis and other autoimm [...]

CFB Finance


  • Crowdfunding
  • Crowdfund
  • Peer to Peer Lending
  • FinTech
  • Reg A+
  • Reg CF
  • Crowdfunding USA

Press Release

Live Crowdfunding .tv

What's Next Step in Regulation A+ JOBS ACTS Title IIII :L Interview : Steve Cinelli with Brian Korn Securities and Crowdfunding/Peer-to-Peer Lending Lawyer, Watch more video library | Conference | Interview | Campaign Showcase | Research | Education |